IMF report criticises Labour's economic record

George Osborne has highlighted a new report from the International Monetary Fund which criticises Labour’s economic record and calls on the Government “to put public debt on a firmly downward path”.

The IMF warns that Britain’s recovery will be “subdued and gradual” and attacks the “overheated property markets (and) high household indebtedness” that developed under Labour.

George, the Shadow Chancellor, said, “From a body like the IMF, that chooses its words carefully, this is strong stuff.”

He pointed out the IMF report backs up the Conservative view that Labour’s Budget did not set out a credible plan to deal with rising public debt.

And he warned, "The report confirms the independent view that the Government is ducking the hard decisions and leaving them to the next Government."